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Ascend Wellness Holdings was founded in 2018 and operated as a limited liability company before reincorporating in Delaware and becoming a public company in 2021. Its initial public offering on the Canadian Securities Exchange in May 2021 was followed by a 22% increase in its stock price on the first trading day.
The company expanded its retail in early 2021 by acquiring two MOCA dispensaries in Chicago. Budtenders at one of the Chicago dispensaries voted to join Teamsters Local 777 in May 2021.
Ascend faced challenges entering New York’s recreational cannabis market after the state legalized cannabis in 2021 due to regulatory fees and the prioritization of social equity applicants. In 2022, the company became involved in a legal dispute with MedMen Enterprises over a failed agreement to acquire a majority stake in MedMen's New York operations. MedMen later filed for Chapter 7 bankruptcy in 2024.
AWH itself was co-founded by Abner Kurtin, who led the company until 2022. In 2024, the board brought in member Samuel Brill as the new CEO during a leadership shake-up, while fellow co-founder Francis Perullo took on the role of president.
Ascend has established its vertically integrated operations in multiple U.S. states, such as Illinois, Maryland, Pennsylvania, Massachusetts, Michigan, New Jersey, and Ohio.